Major cryptocurrencies, including Bitcoin, Ethereum, and XRP, have experienced a resurgence in 2023, propelled by growing anticipation of a potential Wall Street push led by BlackRock, the world’s largest asset manager. Grayscale CEO Michael Sonnenshein teases the “main event” following a $17.7 trillion market opening.
Crypto Rebound Driven by BlackRock Anticipation
The crypto market, including Bitcoin, Ethereum, and XRP, has seen a resurgence after a challenging 2022. The recent surge is attributed to mounting expectations that BlackRock, managing $17.7 trillion, might lead a major Wall Street charge into the crypto space.
Get ‘Ready For The Main Event’—#Grayscale CEO Teases $17.7 Trillion #BlackRock And Wall Street Bombshell After Wild #Bitcoin, #Ethereum, #XRP And #Crypto Price Swings#CryptoTwitterhttps://t.co/lqPtrG93mp
— Everything Crypto (@EverytngCrypto) November 14, 2023
Michael Sonnenshein, CEO of Grayscale, a prominent Bitcoin and crypto asset manager, suggests a pivotal moment in the crypto space. Referring to the long-awaited approval of a Bitcoin spot ETF, Sonnenshein teases, “It’s been a ten-year dress rehearsal. We’re ready for the main event.”
Market Cap Surpasses $1.4 Trillion Amid ETF Hopes
Enthusiasm surrounding the potential approval of a Bitcoin spot ETF has driven the crypto market to add around $500 billion in the past year, reaching a combined market capitalization of $1.4 trillion. BlackRock‘s surprising move into the market, filing for both Bitcoin and Ethereum spot ETFs, has intensified the anticipation.
BlackRock‘s unexpected filing for a Bitcoin spot ETF in June initiated a race among Wall Street rivals to introduce their crypto ETFs. Last week, BlackRock further fueled the excitement by filing for an Ethereum spot ETF, triggering heightened market activity.
Grayscale’s Legal Victory and SEC Decision Anticipation
Grayscale, known as the world’s largest crypto asset manager, achieved a legal victory over the U.S. Securities and Exchange Commission (SEC) in its bid to convert its flagship Bitcoin trust into a full-fledged Bitcoin spot ETF. The SEC has an eight-day window until November 17, during which 12 U.S. Bitcoin spot ETFs could potentially gain approval.
Despite challenges like sell-walls and historical trends, market sentiment remains cautiously optimistic, according to Mathieu Ziaei, portfolio manager at Criptonite Asset Management. The looming decision on a Bitcoin ETF introduces uncertainty, with potential outcomes ranging from market stagnation if not approved to speculative inflows if approved. The industry is on edge as it awaits the unfolding developments in this critical period.
